New York Law To Assist Agents In Selling Insurance Halfway There
by Richard D'AmbrosioPhoto: Alan Cleaver
The American Society of Travel Agents and the U.S. Travel Insurance Association (USTIA) are lobbying New York State legislators to pass a bill that would make it easier for agents to offer travel insurance to clients, and help reduce the risk of fines.
Forty-two states have passed a bill similar to Senate Bill 5363/Assembly Bill 7971, to replace the “crazy-quilt” of state regulations with a single standard, proposed by the National Association of Insurance Commissioners (NAIC) and the National Conference of Insurance Legislators (NCOIL).
Under the NAIC/NCOIL standard, travel agencies could be licensed under their existing insurance provider’s license, as opposed to being licensed themselves in each and every state where they have customers. Under these standards, because of reciprocity, agents would be free to offer travel insurance, without maintaining costly non-resident licenses, to consumers that reside in the 43 jurisdictions that have already adopted the NAIC standard.
ASTA and the USTIA consider passage in New York a key step in their national effort. Senate Bill 5363 passed the New York State Senate unanimously on Feb. 29, but has yet to be taken up in the Assembly. ASTA has been working with USTIA gathering supporters to write or call their assembly representatives to move the bill through the Assembly.
